PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pennsylvania, the company owns and operates over 25 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures
Founded in 1960, by Sylvan M. Cohen, PREIT became known as one of the first companies to reach REIT status. The company has grown substantially since its establishment, driven initially by the vision and leadership of Mr. Cohen and then by his successor, Ronald Rubin. In 2012, PREIT welcomed Joseph F. Coradino as its new CEO, only the third in the company’s history.
In 2016 and beyond the company is poised for continued growth and success. PREIT has established a stable platform with a flexible balance sheet, a realizable redevelopment pipeline and organic NOI growth opportunities. PREIT has created a portfolio comprised largely of major-market assets with superior demographics. With a stronger portfolio, PREIT continues to improve the communities in which its properties are located and create value for shareholders, employees and customers.